How do Closing Costs Work?
There are certain standard costs associated with closing the sale of a home. Buyers and sellers almost always split these costs, as the sales contract specifies.
Many of the costs associated with buying a home are associated with getting the mortgage. Since Sky Apply Mortgage, Inc is highly experienced with mortgages & closings, we are closing cost experts.
Loan Estimates (LEs)
Very shortly after you apply for a loan, we'll provide you with a "Loan Estimate" of your closing costs. The closing costs specified in the LE are estimated based on Sky Apply Mortgage, Inc's experience with mortgage loans, but costs usually vary by small amounts between delivery of the LE and closing. We field questions about these costs every day at Sky Apply Mortgage, Inc, so don't hesitate to ask if you have questions.
We've provided a general list of these costs below, but we'll provide you a specific list of closing costs, with amounts, soon after you complete your loan application. At Sky Apply Mortgage, Inc, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
Loan-Related Costs
- Points — lower your interest rate (optional)
- Appraisal Fee
- Obtaining Your Credit Report
- Up-front Interest Payment
- Escrow Fees
- Taxes
- Loan-related costs
Property Taxes
- Insurance
- Recording Fees and Transfer Taxes
Homeowners Insurance
- Title Insurance
- Flood / Earthquake Insurance
- Private Mortgage Insurance (PMI)
Sky Apply Mortgage, Inc can answer questions about these closing costs. Give us a call at 8132007931.